Notice of special bond election
NOTICE IS HEREBY GIVEN that pursuant to Resolution No. 2017-01 of the Shoshone County Fire District No. 1, Shoshone County, Idaho, adopted on September 7, 2017, a Special Bond Election will be held in the District on TUESDAY, NOV. 7, 2017, between the hours of 8 A.M. and 8 P.M., for the purpose of voting upon a proposition authorizing the issuance of general obligation bonds in an aggregate principal amount of not to exceed $1,900,000 and for a term not to exceed thirty (30) years for the purpose of providing a portion of the funds for the acquisition, construction, installation, and equipping of a fire and emergency service facility (the “Project”), pursuant to the provisions of the Resolution.
The polling places are established by the Shoshone County Commissioners, and are designated as follows:
- Precinct No. 3 Wallace — Congressional Church located at 408 Cedar St., Wallace, Idaho
- Precinct No. 4 Silverton — Silverwood Good Samaritan Center located at 405 W. Seventh, Silverton, Idaho
- Precinct No. 5 Osburn — VFW Hall located at Fourth and Mullan, Osburn, Idaho
- Precinct No. 14 absentee — Shoshone County Courthouse located at 700 Bank St., Wallace, Idaho
The total estimated cost of the Project is approximately $1,900,000, up to $1,900,000 of which may be paid from the sale of the proposed general obligation bonds. The balance of the costs of the Project will be paid with the District’s general obligation bonds in the aggregate principal amount of not to exceed $1,900,000, and other legally available funds, including grant funds and other funds of the District.
The following information is required by Idaho Code §34-439, as amended:
The project to be financed, in part, by the sale of the proposed general obligation bonds in the aggregate principal amount of not to exceed $1,900,000 is the acquisition, construction, installation, and equipping of a fire and emergency service facility.
The date of the District’s special election is Nov. 7, 2017.
The District currently has no outstanding general obligation bonded indebtedness.
The interest rate anticipated on the proposed bond issue, based upon current market rates, is 4.5 percent per annum.
The total amount to be repaid over the life of the bonds, principal and interest, based on the anticipated interest rate, is estimated to be $3,465,728, consisting of $1,900,000 in principal and $1,565,728 in interest.
Only those persons who at the time of the special election are registered, qualified electors shall be able to vote in the election.
The Shoshone County Clerk shall be the registrar for the special election and shall conduct voter registration pursuant to Idaho Code §34-1402.
If, at the election, a two-thirds (2/3) majority of the qualified electors of the District vote in favor of the issuance of the general obligation bonds for the purposes set forth in Resolution No. 2017-01, the bonds of the District will be issued for said purposes.
The bonds will mature over a period of not to exceed thirty (30) years, and will bear interest at a rate or rates to be prescribed by the resolution authorizing the issuance of the bonds.
The principal of and interest on the bonds will be payable solely from annual levies of excess taxes upon all taxable property within the District in amounts sufficient to pay such bonds, as more particularly set forth in a resolution or resolutions to be hereafter passed and approved by the Board.